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Rebar production among China’s 137 integrated mills and re-rollers regularly tracked by Mysteel declined over July 15-21, falling by 5.5% or 195,000 tonnes on week to settle at 3.35 million tonnes, according to the latest weekly survey.
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Inventories of hot-rolled coil (HRC) held by traders and mills across China reached a four-month high last week. The accumulation of stocks indicated sluggish demand from end-users, market sources shared.
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China’s steel prices including rebar and hot-rolled coil (HRC) continued with the strengthening in both the spot and futures markets over July 19-23, as the near-term market sentiment has been boosted on the anticipation of lower crude steel output for the remainder of 2021, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined for the third week over July 15-21, shrinking by another 2.3% on week, as mills’ finished steel output retreated from the increase in maintenance shutdowns during that period.
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The stocks of finished steel products held by trading houses across China monitored by Mysteel moved up for the sixth week over July 16-22, though the inventories only rose by a minor 0.1% on week, the latest stocks survey showed.
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Chinese steel producers showed less interest in exporting steel last week amid mounting concerns that the central government may impose new export taxes, according to Mysteel’s latest weekly report. In the meantime, they opted to raise export prices by a large degree.
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China’s domestic price of Q235 4.75mm hot-rolled coil (HRC), as assessed by Mysteel, increased by Yuan 173/tonne ($26.7/t) on week to Yuan 5,786/t including the 13% VAT as of July 16, or reaching a new high since May 20. Market watchers attributed the rise to better sentiment from the market.
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Rebar production among the 137 Chinese steelmakers including integrated mills and re-rollers regularly tracked by Mysteel rebounded over July 8-14 after three weeks of declines, rising by nearly 3% or 102,100 tonnes on week to reach 3.55 million tonnes, the weekly report showed.
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China’s prices of both rebar and hot-rolled coil (HRC) stayed on the uptrend over July 12-16, and market sentiment improved too on the expectation of lower steel output for the remainder of 2021 and the possible support on the domestic steel prices. Besides, finished steel production declined over the week, and most traders showed the reluctance to lower their offering prices, according to market sources.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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Stocks of the five major finished steel products at the 184 Chinese steel mills under Mysteel’s weekly survey continued to empty over July 8-14, falling for the second week to 6.3 million tonnes. Behind the dip in mill stocks was the deliveries of some stocks mills had made to traders’ warehouses during the survey period.
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The stocks of finished steel products held by Chinese trading houses monitored by Mysteel rose for the fifth successive week over July 9-15, mounting by 1% on week, according to the latest stocks survey.
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China’s steel export volume remained low over the week of July 3-9, mainly due to weak demand in the countries of ASEAN, the largest buyers of Chinese steel, according to Mysteel’s latest weekly report. The low prices in ASEAN were also responsible for China’s steel imports to pick up over the same period.
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China’s domestic price of Q235 4.75mm hot-rolled coil (HRC), as assessed by Mysteel, soared by Yuan 213/tonne ($33/t) on week to Yuan 5,613/t including the 13% VAT as of July 9. Trading volume showed signs of weakening, sources said.
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Rebar production among the 137 Chinese steelmakers including integrated mills and re-rollers regularly tracked by Mysteel dropped for the third week over July 1-7, slipping by 2.3% or 81,200 tonnes on week to reach 3.44 million tonnes, according to the weekly survey. However, output declined at a slower pace compared with the 6.6% fall a week earlier. Last week, operations at many mills had returned to normal after celebrations in Beijing on July 1, as reported.
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China’s steel prices including rebar and hot-rolled coil (HRC) had showed signs of steady recovery in both spot and futures market over July 5-9 after the grand celebration on July 1, and the domestic steel sentiment also improved with the spot steel sales picking up, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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Stocks of the five major finished steel products at the 184 Chinese steel mills under Mysteel’s weekly survey reversed down by 2.6% on week over July 1-7, thanks to the improvement in demand and lower steel output. Mill stocks had risen during each of the four prior weeks.
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The stocks of five major finished steel products held by the Chinese trading houses monitored by Mysteel increased for the fourth week over July 2-8, rising by 1.2% on week, the latest stocks survey shows.
